MTN's Biggest Shareholder Sees Payout to Ex-CEO as `Excessive'
- Sifiso Dabengwa got almost three years' basic pay to resign
- Public Investment Corp. sees pay as `gross misuse' of funds
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The Public Investment Corp., Africa’s largest money manager, described as “excessive” a payment made to former MTN Group Ltd. Chief Executive Officer Sifiso Dabengwa, who resigned after a record Nigerian fine.
“PIC has communicated to MTN management its strong opposition to what we see as gross misuse of shareholder funds,” the Pretoria-based fund manager said in an e-mailed response to questions on Monday. “Management and the board of MTN should be held accountable for actions taken under their watch.”